The Federal Government of Nigeria, in collaboration with the African Development Bank (AfDB), has announced plans to establish a $100 million youth investment bank aimed at providing financial support and resources for young entrepreneurs across the country. The initiative is part of ongoing efforts to tackle unemployment and boost economic growth by nurturing youth-led businesses and start-ups. According to government officials, the youth investment bank will serve as a specialized financial institution dedicated to offering affordable loans, grants, and business development services to young Nigerians with viable business ideas. The move comes amid growing calls for targeted interventions to address…
Author: Temitope Nlewemchi
A new industry report has revealed that Nigeria has an estimated ₦341 trillion worth of crude oil resources lying idle in undeveloped fields, raising concerns over missed opportunities for revenue generation, foreign investment, and energy security. The findings underscore the urgency for the government and industry stakeholders to take decisive action in unlocking these stranded assets, particularly at a time when the nation grapples with fiscal pressures, dwindling foreign reserves, and rising debt levels. According to the report, the undeveloped oil reserves are scattered across both onshore and offshore fields, including marginal assets awarded to indigenous operators that remain largely…
Lagos State Governor Babajide Sanwo-Olu has announced that the state’s burgeoning leather industry is projected to generate an estimated N387.5 billion annually from exports, positioning Lagos as a key player in Nigeria’s non-oil revenue diversification drive. Speaking at an event showcasing the state’s industrial and export potential, the governor emphasized that the leather value chain holds significant opportunities for wealth creation, job growth, and foreign exchange earnings. Sanwo-Olu explained that the state government is implementing a comprehensive strategy to enhance leather production, processing, and exportation. This includes investments in modern tanneries, training programs for artisans, and the establishment of industrial…
First City Monument Bank (FCMB), in partnership with FMO, the Dutch Entrepreneurial Development Bank, has announced the launch of a ₦20 million AgriTech Investment Readiness Programme designed to empower Nigerian startups driving innovation in agriculture. The initiative, unveiled in Lagos, seeks to strengthen the capacity of emerging AgriTech firms to attract investment, scale operations, and contribute to food security in the country. The programme is structured to provide selected startups with access to training, mentorship, and financial advisory services. Participants will also receive technical support to refine their business models, improve governance structures, and strengthen their investor appeal. The ₦20…
Nigeria’s foreign exchange reserves have recorded a significant boost, gaining about $900 million within a three-day period, marking one of the fastest short-term increases seen in recent times. The surge, according to financial analysts and market watchers, reflects a combination of improved inflows from crude oil sales, increased investor confidence, and recent monetary and fiscal policy adjustments by the federal government. Central Bank of Nigeria (CBN) data and market intelligence suggest that the sharp rise is largely attributed to higher oil earnings following improved global crude oil prices and enhanced domestic production. Nigeria, as Africa’s largest oil exporter, depends heavily…
Air Peace has taken delivery of its fourth Boeing 777 aircraft as part of its ongoing strategy to deepen its international operations and expand its global footprint. The addition of the new wide-body jet underscores the airline’s commitment to boosting connectivity between Nigeria and major destinations across Europe, the Middle East, Asia, and North America. The management of Air Peace stated that the arrival of the latest Boeing 777 will enhance its ability to meet increasing passenger demand on long-haul routes and solidify its position as a leading African carrier. The airline currently operates several international destinations and has plans…
First City Monument Bank (FCMB) Group has announced plans to raise additional equity capital as part of its strategy to strengthen its balance sheet and support business expansion. The financial services holding company disclosed the proposal following a review of its growth agenda and capital adequacy requirements in line with prevailing market conditions and regulatory expectations. The proposed equity raise comes amid ongoing reforms in Nigeria’s financial sector and heightened competition within the banking industry. FCMB said the additional funds would enhance its ability to meet future obligations, fund strategic initiatives, and increase lending capacity to priority sectors of the…
South Africa has overtaken Nigeria as the largest importer of refined petroleum products in Africa, marking a significant shift in the continent’s energy landscape. This change reflects contrasting developments in the two countries’ refining sectors, with Nigeria’s Dangote Refinery ramping up production while South Africa grapples with refinery shutdowns and increasing dependency on imports. According to a recent report by energy consultancy CITAC, Nigeria imported approximately 3.1 million tonnes of refined petroleum products during the first quarter of 2025. In contrast, South Africa imported about 4.2 million tonnes in the same period, positioning it as Africa’s biggest fuel importer. The…
French energy giant TotalEnergies has agreed to sell its 12.5 percent non-operated interest in Nigeria’s Bonga deepwater oilfield to Shell Nigeria Exploration and Production Company (SNEPCo) for \$510 million. The deal, announced on May 29, 2025, marks another significant shift in the ownership and operational dynamics of one of Nigeria’s most important offshore oil assets. Pending customary regulatory approvals, the transaction is expected to close before the end of the year. The Bonga field, located approximately 120 kilometers offshore from the Niger Delta, has been a cornerstone of Nigeria’s deepwater oil production since it began operating in 2005. It…
APM Terminals Apapa, one of Nigeria’s largest and busiest container terminals, has announced a temporary suspension of empty container reception at its Apapa facility. The decision, according to the terminal operator, was taken in response to a sharp increase in import volumes which has created significant congestion at the port’s yard. The company’s Terminal Manager, Steen Knudsen, explained that the overwhelming inflow of import-laden containers in recent weeks has left little room for the storage and processing of empty containers. Shipping lines, he noted, have prioritized the unloading of imports, leading to a growing backlog of empties and a…
Governor of the Central Bank of Nigeria, Olayemi Michael Cardoso, has been named Central Bank Governor of the Year at the 2025 African Banker Awards, held in Abidjan, Côte d’Ivoire. The award recognizes Cardoso’s outstanding leadership and reform-driven approach in steering Nigeria’s monetary policy and financial sector stability during a critical period. Cardoso, who assumed office as CBN Governor in September 2023, has overseen a string of key policy interventions designed to tackle long-standing macroeconomic challenges. These include bold steps to stabilize the naira, improve transparency in the foreign exchange market, combat inflation, and rebuild investor and public confidence…
The Nigerian stock market took a breather on Thursday, May 29, 2025, as investors witnessed a loss of ₦54 billion, effectively halting a four-day bullish streak that had previously driven strong gains across the board. The downturn signaled a wave of profit-taking by investors eager to cash in on recent growth, leading to a modest dip in the overall market value. At the close of trading, the All-Share Index (ASI) dropped by 84.53 points or 0.08%, closing at 111,818.08 points compared to the previous day’s 111,902.61. This brought the total market capitalization down from ₦70.564 trillion to ₦70.510 trillion.…
Access Bank Plc has teamed up with the Bill & Melinda Gates Foundation and MicroSave Consulting (MSC) to launch a transformative three-year program aimed at empowering 50,000 Nigerian women through financial inclusion. The initiative, titled “Scaling Female Agent Networks in Nigeria,” is designed to build a network of trained female banking agents in underserved communities, particularly in Northern and Central Nigeria. This partnership underscores a collective commitment to tackling gender inequality in the financial services sector by providing women with opportunities to earn sustainable incomes and participate actively in the financial ecosystem. The program will equip participants with the…
South Africa has officially overtaken Nigeria as Africa’s largest importer of refined petroleum products, marking a significant shift in the continent’s energy dynamics. This change, detailed in a new report by energy consultancy CITAC, reflects contrasting developments in both countries’ fuel supply strategies and refining capabilities. According to CITAC, South Africa imported approximately 4.2 million tonnes of refined petroleum products in the first quarter of 2025, a notable increase that puts the country ahead of Nigeria, which imported 3.1 million tonnes over the same period. Projections for the rest of the year suggest that South Africa may import up to…
Nigeria’s manufacturing sector is facing intense pressure as rising energy costs and tightening credit conditions combine to squeeze profitability and threaten growth. While government reforms aim to stabilize the economy and improve market efficiencies, the immediate effect has been an increased operational burden on manufacturers, many of whom are struggling to stay afloat amid soaring expenses. Energy costs remain one of the biggest challenges for manufacturers. The country’s unreliable power supply forces most companies to rely heavily on alternative energy sources such as generators, which are expensive to run. In 2024, spending on alternative energy surged by about 75%, reaching…
Nigeria’s recent liberalisation of its foreign exchange (forex) market has been hailed as a turning point in the country’s quest to restore investor confidence, attract foreign capital, and strengthen its macroeconomic position. The wide-ranging reforms, spearheaded by the Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso, aim to reduce market distortions, improve transparency, and create a stable environment conducive to long-term investments. The forex market liberalisation involved the unification of multiple exchange rate windows into a single market-driven rate. Previously, the existence of disparate exchange rates—ranging from the official rate to the widely-used parallel market—led to arbitrage, discouraged foreign…
In a major policy move aimed at reforming revenue collection in Nigeria’s electricity sector, the Nigerian Electricity Regulatory Commission (NERC) has introduced new guidelines for the registration and engagement of third-party collection service providers. The directive, which took effect on May 27, 2025, was signed by NERC Chairman Sanusi Garba and is part of efforts to standardize and digitize electricity bill payment processes across the country. The framework is anchored on Section 226 of the Electricity Act, 2023, and is designed to eliminate cash-based collections, streamline revenue channels, reduce losses due to untracked payments, and improve accountability. It also aligns…
The Nigerian Communications Commission has issued a stern warning to telecom subscribers and internet users nationwide to exercise heightened caution against cybercriminal activities, amid a rise in digital fraud, phishing attacks and identity theft. The regulator emphasised that as Nigeria deepens its adoption of digital services, the risks associated with cybercrime are increasing, requiring proactive measures from both consumers and service providers. According to the NCC, cybercriminals have become more sophisticated, employing tactics such as fake banking alerts, fraudulent online transactions, social engineering scams and malware attacks to exploit unsuspecting individuals and businesses. The regulator noted that these criminal schemes…
Nigeria’s crude oil output averaged about 1.46 million barrels per day, remaining below the production benchmark allocated by the Organisation of the Petroleum Exporting Countries, according to recent industry data. The shortfall highlights persistent operational and structural challenges in the country’s upstream oil sector, despite ongoing efforts to boost production and meet OPEC targets. The OPEC benchmark for Nigeria is higher than the current production level, and consistently falling short of this quota has raised concerns among policymakers and industry stakeholders. Crude oil remains Nigeria’s largest source of export revenue and foreign exchange earnings, making production levels critical to fiscal…
Nigeria recorded a rebound in foreign direct investment in the third quarter, attracting about $720 million in capital inflows, signalling renewed investor interest amid ongoing macroeconomic and structural reforms. The improvement marks a positive shift after periods of subdued investment driven by policy uncertainty, foreign exchange constraints and global economic headwinds. According to official data, the increase in FDI reflects growing confidence in Nigeria’s reform trajectory, particularly in the foreign exchange market, fiscal management and key productive sectors. Analysts note that while inflows remain below long-term potential, the Q3 performance suggests that investors are beginning to reassess opportunities in Africa’s…